topic Why do my proceeds from sales not match with the proceeds column on my form from the bank? in Get your taxes done using TurboTax

Why do my proceeds from sales not match with the proceeds column on my form from the bank?

logodono4414 — Mon, 13 Jul 2020 00:38:05 GMT

Re: Why do my proceeds from sales not match with the proceeds column on my form from the bank?

GiseleD — Mon, 13 Jul 2020 01:22:40 GMT

It sounds like there may be a data entry error somewhere. To get a holistic view of your return, it's a good idea to preview/print your returns.

Here's how to preview/print/review your returns:

Open or continue your return.
Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
With the Tax Tools menu open, you can then:

Select Print Center and then Print, Save, or Preview This Year's Return to preview your entire return, including all forms and worksheets (you may be asked to register or pay first).

If you want to see all the worksheets, also select the option to include government and TurboTax worksheets, then select View or print forms. This will allow you to print your complete tax file.

Re: Why do my proceeds from sales not match with the proceeds column on my form from the bank?

dt_24 — Mon, 13 Jul 2020 02:09:53 GMT

Most likely it's due to reconciling items just like on a bank statement reconciliation. There are sales that happened on the last day or two of the month that won't show up until the following month. There could be a couple of explanations for this such as, 1) did bank cutoff date not extend to the actual last day of the month. Some banks will cutoff a statement on the 29th because it's the last business day of the month. 2) Were the sales receipts deposited in a timely fashion [before the bank closed for the day for example]. Try to reconcile the two amounts and see if this doesn't get you where you want to go.